Lean hog futures are trading with 35 to 80 cent gains across nearby most contracts on Thursday. USDA’s national base hog price was reported at $108.09 on Thursday morning. The CME Lean Hog Index was up 97 cents at $111.41 on June 24.

Ahead of this afternoon’s Hogs & Pigs report from NASS, analysts are looking for all hogs on June 1 to be down 0.4% from a year ago. Market hogs are seen down 0.4%, with hogs kept for breeding seen steady. 

USDA’s Export Sales report showed 51,432 MT of pork sold for 2025 in the week ending on June 19. That was a 12-week high. Of that total, 30,600 MT was sold to Mexico, with 5,600 MT to South Korea. Shipments were the largest for the calendar year at 39,893 MT. Mexico was the destination of 16,000 MT, with 5,000 MT headed to China. 

Cold Storage data from NASS showed pork stocks on May 31 at 450.983 million lbs. that was a 21 year low for the month and down 1.14% from the end of April. 

USDA’s Thursday morning FOB plant pork cutout value was back down $1.11 at $120.70. The ham and loin were the only primals reported higher. Federally inspected hog slaughter for Wednesday was estimated at 478,000 head by USDA, with the weekly total at 1.414 million head. That is down 4,000 head from last week but 5,838 head below the same week last year. 

Jul 25 Hogs  are at $112.475, down $0.350,

Aug 25 Hogs  are at $110.425, down $0.800

Oct 25 Hogs  is at $95.025, down $0.700,